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Friday, January 30, 2015

More workers in Singapore laid off last year as businesses restructure

SINGAPORE (Jan 30): More workers in Singapore were laid off last year than in 2013 as companies restructured.Some 12,800 workers were made redundant, compared with 11,560 the
previous year, according to preliminary estimates from the Ministry of
Manpower released today.There were 3,800 redundancies in the fourth quarter, more than the 3,660 in the same period a year earlier and 3,500 in 3Q2014.Overall, Singapore's unemployment rate last year inched up to 2% from 1.9% in 2013.

Catalysts for SMRT nowhere within sight despite earnings improvement

SINGAPORE (Jan 30): The big improvement in SMRT Corp's December-quarter
earnings is no doubt commendable. And with fares going up from April and
energy costs coming down, the public transport operator should continue
doing well for some time, even amid rising demands from commuters and
the government for it to beef up capacity, service standards and
reliability.

SINGAPORE
(Jan 28): Profit margins for supermarket operators in China may be
thin, but Sheng Siong Group can still expect a decent return from doing
business in Asia's biggest economy, according to Daiwa.The company firmed up plans last month for a joint venture with
Kunming LuChen Group, a condiments maker, to operate supermarkets in the
country.Sheng Siong will own 60% of the new entity, which will have a
registered capital of US$10 million ($13 million), while LuChen will
have a 30% stake. Sheong Siong executive director Tan Ling San will own
the remaining 10%.

SINGAPORE
(Jan 28): Singapore is gearing up for a crackdown on cyber crime with
the launch of a central agency and the appointment of a minister in
charge of cyber security, the government said on Tuesday, as the wealthy
city-state grapples with a rise in online crime.

In recent years, Singapore has struggled to combat cyber criminals,
who have committed offences including stealing client data from Standard
Chartered Bank and hacking the official website of the prime minister.

Singapore central bank cuts 2015 inflation forecast

Singapore's central bank has downgraded its inflation forecasts amid lower oil prices and weaker global economic prospects.Core inflation, which excludes private road transport and
accommodation costs, is now expected at 0.5% to 1.5% this year, down
from a previous projection of 2% to 3%, the Monetary Authority of
Singapore said in a statement today.Its 2015 forecast for headline inflation now ranges from minus 0.5% to 0.5%, compared with 0.5% to 1.5% previously.

SINGAPORE
(Jan 27): Asia's wealthy are falling out of love with the Aussie dollar
as record-low yields and sustained declines persuade them to look
elsewhere, according to UBS Group.

Many of the bank's wealthiest clients in the region began to abandon
the currency as Australia's bond yield premium over the US slid and the
Federal Reserve discussed raising interest rates, said Simon Smiles,
Zurich-based chief investment officer for ultra-high-net-worth
individuals.

The 10-year yield is 74 basis points above that of the US, down from 130 a year ago.

SINGAPORE (Jan 27): Two Singapore oilfield service firms are finding it tough to refinance debt maturing later this
year as the slump in crude prices has made investors and lenders hesitant, banking sources said.

Ezra Holdings has a S$200-million bond due in September while Swiber Holdings has a S$85-million bond due in June.

Even though the bonds are just five to eight months away from
maturity, they are trading as much as 2-2.5 points below par, indicating
the concerns around refinancing.